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Hiring for tech jobs will pick up the only difference is we are going through a reset for compensation as compensation got out of line with other non tech jobs. I.e. look at the compensation of a software engineer vs the compensation of a civil engineer etc.
I would say the bigger driver is how investors are looking at companies now. If you are not a hypergrowth company, then profits and margins have a bigger impact on company valuations. Look at Amazon, AWS's margins decreased by 2 percentage points, which negatively impacted the stock when earnings were released.
I don't see the current situation lasting in perpetuity. I think a lot of companies got ahead of themselves and over hired. And there was also pressure put on by Wall Street, a lot of investment bank analysts wanted to hear that companies were reducing costs via layoffs. That led to a contagion of layoffs. At some point I think people will accept that things have been overdone and the pendulum will swing back to more a more normal and stable atmosphere.